J.P.Morgan Investment Banking Pitch Book

Comparison of UGI management versus broker projections EBITDA ($mm) Earnings / share Dividend/share Capital expenditures² (Smm) $1,483 $2.49 $1,10 $772 $1,366 2019E 2019E $2.64 $1.10 2019E $770 $1,668 $3.12 $1.20 2019E Source: FactSet as of 03/29/19, UGE management projections as provided and approved by UGI management Note: Projections based on 09/30 fiscal year end Broker research included for reference only Excludes acquisition capex $904 3 $1,639 2020E $3.03 2020E $1.17 2020E 2020E $900 $1,782 $3.43 2021E $760 $1,698 $1.25 $3,14 2021E $1.26 2021E $900 2021E CONFIDENTIAL Management Broker research 19E-21E CAGR: 9.6% 19E-21E CAGR: 11.5% 19E-21E CAGR: 17.4% 19E-21E CAGR: 9.0% 19E-21E CAGR: 6.6% 19E-21E CAGR: 7.2% '19E-'21E CAGR: (0.8%) 19E-21E CAGR: 8.1% J.P. Morgan

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